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Upgrades/Downgrades - 6 August 2013

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Key: (?) = Upgraded, (?) = Downgraded, (-) = Maintained

Company Broker Update
Countrywide Peel Hunt ups TP to 650p from 425p; Buy
Gemfields Investec initiates coverage with Buy; TP 30p
GlaxoSmithKline Citigroup downgrades to Neutral from Buy
HSBC Deutsche Bank downgrades to Hold from Buy; cuts TP to 730p from 750p
HSBC DBS Vickers downgrades to Hold from Buy; cuts TP to 750.96p from 818.77p
HSBC Citic Securities downgrades to Overweight from Buy; cuts TP to 814.80p from 853p
Inmarsat RBC ups TP to 730p from 675p; Sector Perform
Lloyds Berenberg ups TP to 50p from 24p; Sell
Lloyds UBS ups TP to 100p from 72p; Buy
MAN Group UBS ups TP to 98p from 90p; Neutral
Mitchells & Butlers Barclays ups TP to 500p from 400p; Overweight
Moneysupermarket.com UBS downgrades to neutral from Buy; cuts TP to 190p from 230p
New World Resources Jefferies cuts TP to 65p from 125p; Hold
Ophir Energy UBS downgrades to Neutral from Buy; cuts TP to 375p from 475p
Polymetal UBS downgrades to Neutral from Buy; TP 680p maintained
Rio Tinto Jefferies ups TP to 3600p from 3500p; Buy
Segro UBS downgrades to Neutral from Buy; ups TP to 330p from 300p
Sirius Minerals Jefferies downgrades to underperform from Buy; cuts TP to 9p from 30p
Tullow Oil Investec ups TP to 940p from 910p; Sell
Ultra Electronics Deutsche Bank ups TP to 1650p from 1400p; Sell
Unilever JP Morgan Cazenoveorgan downgrades to Neutral from Overweight; cuts TP 2600p from 2850p
Vedanta Jefferies ups TP to 1350p from 1200p; Hold
Source: Reuters News, AlphaTerminal, Dow Jones Newswires

Source: Bloomberg, Reuters News, AlphaTerminal, Dow Jones Newswires

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T111his research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research

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